PIA National Natural Catastrophe Working Group Approves Resolution
The PIA National Natural Catastrophe Working, led by Chairman Jimmy Beathard (TX), unanimously approved a resolution calling for immediate action to help resolve coverage availability problems in catastrophe prone areas. The members of the Working Group discussed the various challenges they face, whether it’s the lack of earthquake coverage in fault zones or wind coverage on the coast; they all agreed it’s time to implement measures to help.
The resolution calls on Congress to pass legislation that will help enhance mitigation efforts in the states, such as building and maintaining levees. The resolution also urges the federal government to enhance its emergency response coordination with state and local governments. The resolution urges states to implement initiatives that will help attract more capacity to the market and calls on legislators, regulators and other interested parties to renew efforts to make progress. The National Conference of Insurance Legislators (NCOIL) will continue its discussion of these issues during its summer meeting in Burlington, Vermont July 12-15.
A copy of the PIA resolution can be found here.